Las Vegas Strip Casino Revenues Decline in October

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Mandalay Bay, where the gunman released his fusillade from the 32nd floor, has the words plastered atop its hotel. At a recent ceremonial groundbreaking for the stadium for the soon-to-be Las Vegas Raiders, 58 lights were in the backdrop to represent the victims.

There have been several hearings at the Clark County Commission, which is wrestling with the details of how to distribute funds raised to help victims.

Crosses, candles and cards left at the iconic "Fabulous Las Vegas" sign have been moved to a museum, but signatures from well-wishers remain on a rock near the landmark.

In surveys, Bagger said worries about safety weren't mentioned often when people responded about why they had canceled a trip to Vegas. Las Vegas was hit hard by last decade's recession, particularly the housing market, and the tourism industry was showing strong signs of recovery only in recent years.

Michael Green, assistant professor of history at the University of Nevada, Las Vegas, said the city had largely been on an upward trajectory for visitors and it was unclear whether the shooting would have a long-term effect.

He said travelers coming into town arrive to escape the vagaries of the world. Seeing evidence of the tragedy throughout the city and on the Strip might take them out of that mind-set.

But many come to gamble, and the Strip's revenue for most games showed a steep decline in October. Michael Lawton, senior research analyst at the Nevada Gaming Control Board, said the Strip was going to have difficulty beating October numbers.

Lawton also said this past October suffered from being down one weekend day compared with October He added that the Strip featured two highly anticipated boxing matches in August and September while October had none.

Representatives from MGM Resorts International and Caesars Entertainment — which own the bulk of the Strip properties — did not return requests for comment.

Despite the setback in October, revenue for the Strip is up 1. And McCarran International Airport saw its busiest single month in its history with 4.

The shooting, he said, scared the city but Las Vegas is resilient, and that surveys the group has taken show people who canceled trips in October said they would come back.

People bet huge amounts of money on football, which had actually helped in curbing the percentage of decrease in revenues for the month.

October would have also been a significantly weaker month, if not for baccarat, which also played a significant role in increasing casino revenues over the past couple of months.

Slot machines continued their poor performance from the past few months and registered a decline of Total wagering on slots also fell by 2.

According to Michael Lawton, a senior research analyst at the Nevada Gaming Control Board, the fact that September month-end was a weekend and the Automotive Aftermarket Industry Week convention got pushed entirely into November resulted in decline of amounts wagered on slot machines, and therefore on the total slot gaming wins registered by the casinos.

While decline is bad for casinos, it certainly was a good one for players, who got paid off better. Roulette wins, as usual remained sluggish.

Casinos are on the track to total recovery, says Steven Wieczynsk, a gaming analyst at Stifel Nicolaus Capital Markets. He is also hopeful of a fruitful , which will see an impressive lineup of conventions and other events drawing huge crowds to the casinos during the year.

Las Vegas Strip Casino Revenues Decline in October Saturday, December 7th, Just when it seemed like the casino market was improving, with top casinos reporting profits in September, October comes bearing bad news.

Las Vegas Strip Casino Revenues Decline In October Video

Can esports pick up the slack in declining slot revenue in Nevada casinos?

Las Vegas Strip Casino Revenues Decline in October -

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